Novak spoke about the creation of the organization of OPEC with participation of Russia

Next year the world may be a new oil cartel with participation of Russia, said Alexander Novak. Such a structure Bloomberg previously called “super-OPEC”.

Alexander Novak

(Photo: Vladislav Shatilo / RBC)

On the platform of OPEC+ will create a new organisation that will start operating since 1 January 2019. About it as transfers TASS, said the head of Ministry Alexander Novak.

According to Novak, now OPEC members+ agree on the name of the new organization and the location of its headquarters. “We plan to make this mechanism operational from 1 January 2019. We will discuss this at the Ministerial meeting,” he said.

Novak confirmed that the new organization will be able to return to the decision to reduce the level of oil production. “If necessary, Yes. Such possibilities (control the level of production of member countries. — RBC) will be included in the joint coordination of actions”, — said the Minister. He stressed that, despite the June OPEC’s decision+ about increasing oil production, the overproduction should be expected. On the contrary, according to the Minister, the market can expect the deficit.